Construction on 2 Trump Towers in Rio's dilapidated port area to begin shortly

A consortium headed by the Trump Organization says construction on the first two of five planned towers will begin in the second half of next year.

The 38-floor towers will go up in Rio's dilapidated port zone, which is currently undergoing a massive facelift as part of a bid to turn it into a business hub.

The two first towers are expected to be finished ahead of the 2016 Olympic games, which Rio is hosting. The timetable for construction of the other three towers will depend on the market, officials behind on the project told journalists at a news conference Tuesday.

The consortium also includes Brazilian construction company Even. It did not reveal the size of the investment.